Caprice Resources has identified four promising new gold targets south of its Vadrians deposit at the Island Gold Project, following initial air core drilling results. These findings pave the way for deeper drilling and potential resource expansion.
- 161 air core drill holes tested BIF corridor around Vadrians
- Four new southern targets: First Light, Evening Star, Eureka, Chicago
- Significant gold anomalism with encouraging grades detected
- Follow-up reverse circulation drilling underway and planned
- Additional exploration progressing at Comet and Chobe projects
Expanding the Island Gold Footprint
Caprice Resources Ltd (ASX:CRS) has reported encouraging initial results from its recent air core drilling campaign at the Island Gold Project in Western Australia's prolific Murchison goldfields. The program, comprising 161 holes, focused on testing the easterly banded iron formation (BIF) corridor north and south of the existing Vadrians deposit, a known high-grade gold zone.
The southern half of the project area yielded four new priority targets; First Light, Evening Star, Eureka, and Chicago; each demonstrating anomalous gold mineralisation over significant strike lengths ranging from 200 to 300 metres. These targets share geological and structural characteristics analogous to Vadrians, suggesting potential for similar mineralisation styles.
Encouraging Grades Beneath Weathered Zones
Notably, the air core drilling identified broad, low-amplitude gold anomalism in the weathered near-surface profile, which Caprice interprets as indicative of potentially higher-grade mineralisation in the fresh rock below. For example, the First Light target returned 8 metres at 1.27 grams per tonne (g/t) gold from 56 metres downhole, while Eureka showed 4 metres at 1.78 g/t gold from 28 metres.
These results are particularly promising given the semi-depleted nature of gold near surface at Vadrians, reinforcing the rationale for deeper follow-up drilling. Caprice is currently planning and executing reverse circulation (RC) drilling to test these targets at depth and along strike, with assays pending for multiple diamond and AC holes.
Broader Exploration and Future Outlook
Beyond the Island Gold Project, Caprice is advancing exploration at its Comet Gold Project and Chobe Project in Western Australia’s West Arunta region. Systematic geological mapping and geophysical surveys, including aeromagnetic and gravity studies, are underway to refine and prioritise drill targets. These efforts complement the company’s strategy to unlock new mineral discoveries across its portfolio.
Managing Director Luke Cox highlighted the significance of the new targets and the potential for resource growth, emphasising the company's commitment to disciplined exploration and technical excellence. The ongoing drilling programs and forthcoming assay results will be critical in defining the scale and continuity of mineralisation, moving Caprice closer to a maiden Mineral Resource Estimate for Island Gold.
Bottom Line?
Caprice’s expanding target portfolio at Island Gold signals a pivotal phase as deeper drilling aims to unlock higher-grade gold mineralisation.
Questions in the middle?
- Will follow-up RC drilling confirm higher-grade mineralisation at depth beneath the new targets?
- How will pending assay results from diamond and AC holes influence resource estimation timelines?
- What impact will exploration progress at Comet and Chobe have on Caprice’s overall growth strategy?